According to the Secretary to the Government of the Federation (SGF), George Akume, the federal government has spent well over $1.5 billion to protect the nation’s oil installations to curb crude oil theft in Nigeria.
Since 2020, the federal government has spent more than $1.5 billion to protect the nation’s oil facilities and prevent crude oil theft.
The Secretary to the Government of the Federation (SGF), George Akume disclosed this on Thursday, 24th July, during a public hearing in the House of Representatives on the issue of crude oil theft.
Empirelords reports that Mr Akume was represented by Maurice Nandi, the Permanent Secretary, General Services.
According to the SGF, the Federal Government was concerned about the Nigerian Extractive Industries Transparency Initiative’s (NEITI) report which showed that over $46 billion worth of crude oil was stolen between 2009 and 2020.
The House of Representatives had formed a special committee chaired by Addo Dugwa, Chairman of the House Committee on Petroleum Upstream, to investigate the losses to the oil and gas sector.
Deputy Speaker Benjamin Kalu, speaking on behalf of the speaker of the House, Tajudeen Abbas said, $10 billion has been lost in seven months due to crude theft, and no magic is possible for a government that has suffered such a loss.
